Cairo – Mubasher: Orascom Construction Plc on Monday announced it has sealed new contracts worth $935 million (EGP 15.52 billion) during the second quarter of 2019.
The new contracts brought the company’s total new awards to $1.4 billion in the first half of 2019, up 42% year-on-year, Orascom Construction said in a statement.
Projects in Egypt represent around 50% of total new awards in Q2-19 as the company cemented its position as a pioneer in Egypt's infrastructure development.
New projects in the North African state include the largest water treatment plant and outstanding additions to the country's road development programme.
Meanwhile, projects in the US accounted for 50% of total new contracts, the highest level of quarterly order intake since Q3-16.
New work across the company’s existing core commercial and light industrial sectors has been added while singing new contracts in the growing data centre sector.
The company's estimated consolidated backlog amounted to $4.6 billion as of 30 June 2019, compared to $4.2 billion as of 30 June 2018.
Orascom construction Plc, listed on the Egyptian Exchange (EGX) and Nasdaq Dubai, previously posted a 3.7% year-on-year drop in its consolidated profits in Q1-19, logging $33.7 million, compared to $35 million.
